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Home Buying in 60620 : Real Estate Advice

  • All22
  • Local Info1
  • Home Buying14
  • Home Selling1
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Activity 14
Fri Nov 18, 2016
Tina Smith asked:
Mon Jul 18, 2016
Cathryn Browne answered:
I think the 203K loan will give you the most flexibility. Definitely speak to your accountant though about any and all tax benefits to assuming the 9.5% mortgage.
0 votes 3 answers Share Flag
Thu May 5, 2016
USMortgageRanger answered:
Hi Elaine,

Based on your post there are a few question to ask. Did your mom have a will stipulating that you should receive the property and was the will probated. If so the Lender can have you assume the home mortgage and after that you can refinance to a renovation loan to spruce up the home the way you see fit. I would be delighted to provide you with some mortgage options, (this does not require us pulling your credit) that will allow you to make the best decision for your family. I can be contacted For a FREE no obligation consultation.

Lowell Sterling
Mortgage Banker
NMLS 968898
Wells Fargo Bank
Plano TX
Phone (469) 347-3572
... more
1 vote 1 answer Share Flag
Mon Mar 21, 2016
Roziegerci answered:
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0 votes 1 answer Share Flag
Fri May 29, 2015
Bob Brandt answered:
You should ask your real estate attorney to lay out all of your options and pick the one that works best for you.
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Sun May 3, 2015
feathers117 asked:
Sun Oct 13, 2013
Harry Maisel answered:

You absolutely do not need any experience being a landlord in order qualify for a mutli-unit property.
Before I got into residential real estate brokerage, I owned several mult-unit buildings in Lakeview, Bucktown and Roscoe Village. You should talk with a mortgage broker to see if you qualify for a 2-4 flat loan and then contact a realtor who has a background in multi-unit property. You want to hire a realtor who has dealt with multi-unit properties, understand and can explain-gross income vs-net operating income, cap rates, leases, and other investment analysis solutions.

Let me know if I can be of any assistance.

Best regards,
... more
0 votes 5 answers Share Flag
Mon May 27, 2013
Nekesha Burton answered:
Good Morning Faye,

The forbearance should not affect the sale as long as you are current on the mortgage at the time of the sale as well as all late fees and other fees associated with forebearance are paid. (In other words sell once mortgage is caught up and all associated fees are paid) Double check with your Real Estate Attorney as well as your lender or qualified Loan officer. ... more
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Fri May 17, 2013
Matt Laricy answered:
I would also speak to an attorney for a little bit of help .
0 votes 5 answers Share Flag
Wed May 1, 2013
Riccardo Wardlow answered:
If your wifes name is the only one on the deed that means you signed away homestead. If that is the case, you don't have any rights to the property. However, if she is on the Deed and the Note and you are just on the Deed, it's still 1/2 your house. The Note is just who is responsible for the payment. The DEED is who owns it.

Sean Cochran
Quality Mortgage Lending
630-330-2229 cell
630-470-6830 office
*We lend FHA down to a 600 Middle Fico
*No Money Down USDA Loans
*90% LTV Jumbo Loans with no mortgage insurance
... more
0 votes 11 answers Share Flag
Fri Apr 27, 2012
Accurate Inspections & Consulting answered:
Reality check here folks. $5K Condos aren't usually the deal they may seem to be. Tread cautiously.
If the building is in receivership, it means that it has severe enough problems for a Judge to warrant putting someone in place to supervise dealing with those issues, i.e. a Receiver. Chances are the building is in Housing Court, could be Chancery though. Either way you need to do your due diligence. Hire an attorney or inspector who handles these types of properties. Look up the Housing Court case and see what the issues are.
A $5K Condo is typically not habitable. Usually no water pipes, no furnace, bad conditions, bad porch etc. I can pretty much guarantee you WILL NOT be moving into this unit anytime soon. You would need approval from the Judge presiding over the case, allowing you to move into the property. This is highly unlikely to happen. The City may already have a RULO in place. (order not to rent, use, lease or occupy the property)
These units tend to come with substantial post purchase costs. Eventually the Receiver will have to be paid off, a porch may need to be built, or a new roof installed, etc. etc. All work will need full plans and permits. The Judge will typically order the receiver to perform essential or life safety repairs. 'Rehab type' repairs are sometimes done by the receiver, sometimes later by unit owners and/or a functional association. Either way, you aren't moving in and it isn't going to just cost $5K.
Depending on conditions and legal issues, the City may decide to go for a de-conversion order under the DCPA and turn the building back into a single rental property. It's not in receivership because of flaking paint. My recommendation is that you NOT believe anyone that tells you you can move into this unit or make money. Yes, it is possible but highly unlikely. I inspect these types of buildings regularly. These aren't for the faint of heart. As a first time home buyer you will essentially be throwing your life into 1-4 years of turmoil you can't even imagine.
Once again it is possible but highly unlikely you will do good on this. But then again, the fact that it is possible keeps the sharks making money off of first time buyers.
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0 votes 6 answers Share Flag
Wed Jan 18, 2012
Andrew M. answered:
The entirety of the note or mortgage often becomes due on notice of foreclosure. So in your situation, in order to become current, you would have to pay the whole balance of the mortgage plus any fees, and legal expenses incurred by the lender. Some of these fees may not be apparent to you, and you may need to contact the lender for full details.

If you've defaulted on forbearance agreement, you should have been receiving a few notices from your financial institution that is holding your mortgage. Those documents have an amount that you owe to bring you into compliance.

More often than not, your lender will likely prefer to try to sit down with you to work out a repayment plan/proposal, rather than having another foreclosure on their books.

Therefore, it would be advisable to call your lender as soon as possible to find out what steps you need to take to get this taken care of prior to sale date.

Wish you the best outcome and feel free to give us a call and we can provide a free consultation for you.

Andrew M.
A.S. Foreclosure Defense Lawyers
Call: 877-516-7093
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0 votes 8 answers Share Flag
Thu Sep 1, 2011
Jim Simms answered:
Based on my personal experience working with credit challenged individuals most of the rent to own situations do not result in homeownership. In fact, it is amazing how unrealistic the expectations of most of these people were compared to outright buyers. I have witnessed several individuals walk away (loose) very large sums because they were not able to complete the transaction once the option period was up and lost their deposit. Does it ever work out? Absolutely, just not as often as you may expect. Most are simply pacifiers and end up being extremely expensive rentals.

If you do a recorded contract for deed the existing mortgage may be called due by the lender. An unrecorded version is not as protective. A true lease to own assumes financial stability of the seller, something that may not be the case. And I have seen some very poorly structured rent to own contracts where the tenant/buyer thought they were accumulating a down payment with all or part of the rent. Underwriting guidelines for getting a mortgage to complete the purchase do not match that scenario; they are very specific what part can and can’t be counted towards the down payment. It doesn’t matter what the buyer and seller agree to if it can’t be approved for a loan when the time comes.

Get to the bottom of why you need a rent to own before making a move, create a plan to fix the problem, then stick to the plan. Double what ever time period you think is necessary to fix the problem, nothing goes as planned. Base your contract on the double time frame. Include your Realtor and their favorite loan officer throughout the process, not following this last suggestion really increases the odds of failure. You may need to pay your Realtor directly if your deposit is not substantial enough. Hope this is helpful.
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0 votes 11 answers Share Flag
Mon Aug 30, 2010
Laura Karambelas answered:
I would like to add:

When you received your foreclosure notice it contains contact information for the bank's attorney. You can contact them directly to see if your home actually went to auction and when.

I hope this helps!
... more
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